The deal also includes backing from new strategic investors including Willis Group Holdings CEO Joe Plumeri; Stephen Ross, Jeff Blau and Bruce Beal of Related Companies; and VaynerMedia CEO Gary Vaynerchuk. opens in new window, Forbes: The limits of being awesome in a highly regulated industry opens in new window, Lifeblood: House Insurance with Sean Harper opens in new window, Built In: How these 7 Chicago tech companies found their product-market fit opens in new window, Kin Insurance maintains steady year-over-year growth in third quarter, increasing 151% year-to-date Kin's proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. The foregoing list of factors is not exhaustive. The company is the only pure-play direct-to-consumer digital insurer within the homeowners insurance market, which is valued at more than $100 billion. 3. Find startup jobs, tech news and events. opens in new window, Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020 They indicate that they expect a loss ratio of 40% where they explain the reciprocal. Kins customers have relatively high spending power, are embracing technology and generally recommend businesses they love to their friends and family. opens in new window, Kin Insurance awarded Built In's 2021 "Best Midsize Companies to Work For" Transaction includes commitment for $80 million PIPE led by HSCM Bermuda and Senator Investment Group, with participation from Gillson Capital, Park West Asset Management and other institutional investors, New strategic investors include Joe Plumeri, former chairman and CEO, Willis Group Holdings; Stephen Ross, Jeff Blau and Bruce Beal of related companies, the most prominent privately-owned real estate firm in the United States; and Gary Vaynerchuk, CEO of VaynerMedia, Previous Series C investors include NBA all-star Draymond Green and four-time major champion golf pro Rory McIlroy; noth back Kin to raise brand profile across the country. Today, Kin Insurance, an Insurtech with only $25 million in premiums in 2020 and an expected $98 million in 2021, announced its intention to go public today with a valuation of $1 billion. Built In Chicago is the online community for Chicago startups and tech companies. opens in new window, Crains Chicago Business: Insurance startup Kin raises another $35 million Kin is the home insurance company for every new normal. opens in new window, TechCrunch: Live near an ocean? 1 Our National Producer Number (NPN) is 18044957 and our Certificate of Authority (COA) number is 19-813300698. opens in new window, Forbes: How to sell value to price-sensitive customers Help your agents identify strong leads, and you will only benefit. Important Information for Investors and Stockholders. opens in new window, NerdWallet: The best home insurance companies for 2022 This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. opens in new window, Forbes: Four ways to amplify your teams creativity a Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth Thu Jan 20 2022 Kin Insurance completes acquisition of carrier with licenses in 43 states Wed Dec 15 2021 Kin Insurance surges to $11.3 million in total managed premium in November, increasing 327% year-to-date Thu Dec 9 2021 2016-2023 Kin Insurance Technology Hub, LLC. opens in new window, Inside P&C: Kin raising new VC funding after SPAC deal termination opens in new window, Kin Insurance launches AI-based home insurance recommendation platform opens in new window, USA Today: Which tech investments can weather volatile markets best? Please reach out if you want to discuss Kin or some of the advances you could use to guarantee your continued growth and success. opens in new window, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet Kin does not collect premiums for its third party agent business and has used third party carrier commission statements to estimate the total premiums produced. opens in new window, Crain's Chicago Business: Insurer Kin lines up $145 million in credit We will show you prices for many companies with rates that compare to buying direct and work with you to find a plan that you can afford and need. Got a confidential news tip? We were searching for a digitally fueled business that was going to disrupt a change-resistant industry, said Higgins. Omnichannel Acquisition Corp. (NYSE: OCA) is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We can offer Louisiana HO3 coverage issued through the Kin Interinsurance Network, rated A, Exceptional, by Demotech. Comments from the investor conference, as well as the following quotes from their SEC filing, suggest that Kin intends to use the SPACs expertise to help them continue to grow digitally. Kin Insurance and Omnichannel Acquisition Corp., a publicly traded special purpose acquisition company, announced that they have mutually agreed to terminate their previously announced agreement and plan of merger as a result of "current unfavorable market conditions." "We worked tirelessly over the better part of a year to bring this combination to . opens in new window, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents opens in new window, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill Kin launches home and property insurance in South Carolina opens in new window, Kin Insurance announces condo insurance in Florida opens in new window, Business Insider: Home warranty vs. homeowners insurance He cited his teams expertise with customer acquisition -- such as with the use of micro-influencers -- as a mechanism to accelerate growth at Kin, which benefited from increased e-commerce adoption throughout the pandemic. opens in new window, Demotech affirms Kins Financial Stability Rating of A, Exceptional opens in new window, Kin closes first-ever $175M multi-year catastrophe bond opens in new window, Kin Insurance expands into California to serve homeowners statewide Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit. opens in new window, Washington Post: How do I get an Airbnb refund for canceled plans? Kin Insurances data aims to more accurately predict home risk How to get the most from your teams They are doing this by merging with the Omnichannel Acquisition Corp SPAC. Looking ahead, we intend to continue hiring the best and brightest talent to help elevate our data-centric insurance solutions that address the needs of todays world.. Kins proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process. opens in new window, Kin announces $82M first close in Series D financing opens in new window, Crain's Chicago Business: Kin lines up private investment for its next stage of expansion opens in new window, Seeking Alpha: Omnichannel CEO Matt Higgins, Kin CEO Sean Harper - focus on macro trends What they dont realize is that you are continuously innovative and have the confidence and experience to build long-term relationships with your agents, partners and customers. Car, Buy opens in new window, Forbes: How to win with transparency opens in new window, Property Casualty 360: Climate change is measurable and manageable The company currently operates in Florida, California and Louisiana areas that are highly prone to disastrous weather conditions that are worsening with climate change. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Kin Insurance Inc., an insurance-technology startup that counts golfer Rory McIlroy among its investors, has agreed to go public through a merger with Omnichannel Acquisition Corp ., a. Platforms, Subscription The Insurance world is seen by these investors as sleepy and ripe for disruption. And that is very compelling. opens in new window, Kin named one of Tracxn's "Top Emerging Internet First Insurance Startups" opens in new window, Kin, the only pure-play direct-to-consumer home insurance technology company, to go public . For example, if you know the course of a storm or fire, notify your customers as a preventive measure and track them immediately after the event. Dive, Become Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. A Division of NBCUniversal. The agreement. The call may be accessed by dialing (877) 407-4018 for domestic callers or (201) 689-8471 for international callers. All Rights Reserved. Kin Insurance, Inc. and Omnichannel Acquisition Corp. (NYSE: OCA) enter into business combination agreement; transaction implies an approximate $1.03 billion combined company pro forma enterprise value, Leading direct-to-consumer home insurance technology company that is expected to more than triple written premiums in 2021 and achieve over $400 million of total written premiums by end of 2023, corresponding to a 5-year CAGR of 139%, and to more than quadruple gross profit in 2021 compared to 2020, Significant opportunity to further grow and scale in a vastly underserved market, Direct-to-consumer model, along with scalable technology, that enables lower customer acquisition cost, resulting in a 7.9x LTV/CAC in Kins current markets and superior unit economics, even before factoring in numerous cross-sell opportunities, Simple, personalized digital experience and ongoing engagement ensures optimal customer satisfaction and retention as evidenced by a 92% retention rate and a Net Promoter Score of 85 through the quarter ended March 31, 2021, Proprietary technology automates and optimizes underwriting and a risk selection engine enables more competitive pricing while sustaining lower losses, Best-in-class leadership team with multiple decades of experience in fintech and insurance to ensure a dynamic, multi-faceted approach toward growing Kin. The Florida license number for Kin Insurance is L098613. opens in new window, Forbes: The smartest thing a leader can do? Forward-looking statements speak only as of the date they are made. Required fields are marked *. The business combination reflects an estimated implied pro forma enterprise value at closing of $1.03 billion, assuming no redemptions by Omnichannels public stockholders. opens in new window, FinTech Global named Kin Insurance among "Insurtech 100" in 2019 Top India Court Asks Panel to Probe Adani Allegations, Markets Brace for Pakistan Default Risk as $7 Billion Debt Looms, Mexico Central Bank Cuts GDP Forecasts With Key Rate at Record 11%, ECBs Visco Says No Question Policy Tightening Must Continue, Feds Bostic Urges 5% to 5.25% Rates Into 2024 to Curb Inflation, Singapore Air Unit Bucks Trend to Sound Bullish on China Demand, A Stock Traders Guide to Chinas National Peoples Congress, Guns, Guard Dogs and a Murder Defined John McAfees Time in Belize, Apple Abruptly Shutters Store in North Carolina After Shootings, Tennis Great Venus Williams Joins Private Equity Firm Topspin, Hunts UK Budget of Fiscal Restraint to Come With Dose of Hope, Crackdown on Black Africans Fuels Attacks and Rebuke in Tunisia, Singapore Wealth Firm Sees Rapid Growth Catering to Rich Families, BillionaireFamily Down $730 Million in Brazil Health Providers Stock Rout, Murdochs Fawning Letter to FIFA Chief Disclosed in World Cup Bribery Case, This Starbucks VP Turned Caribbean Rum Distiller Is the Anti-Captain Morgan, The Good and the Bad From the Factory Floor, What Better Place to Transcend Balkanization Than the Balkans, Tomato Shortage in the UK Is Just a Taste of What's to Come, FBI Documents Show Leonardo DiCaprio, Kim Kardashian Grilled for 1MDB Secrets, Subaru, Nintendo Step Up for LGBTQ Workers in Conservative Japan, Visitors Flock to Macau Again, But Its Gambling Dependence Draws Beijings Ire, UK Mothers Say It No Longer Makes Financial Sense to Work, Starbucks Illegally Fired 6 New York Union Activists, Judge Rules, Australia Tightens Greenwashing Scrutiny as Asia Cracks Down, Australia Prepares for a Power Grid Without Spinning Turbines, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. opens in new window, ValuePenguin: Insurance expert Q&A with Angel Conlin, CIO of Kin The transaction is set to close in Q4 this year. opens in new window, American Inno: 12 biggest Chicago startup fundings of 2019 Data, Artifical The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. There are definitely things that a legacy carrier could learn from Kin. Citigroup Global Markets Inc. is acting as capital markets advisor to Omnichannel, and Winston & Strawn LLP is acting as its legal counsel. The proxy statement/prospectus will be sent to all Omnichannel stockholders, and Omnichannel will also file other documents regarding the proposed Business Combination with the SEC. While such information and projections are necessarily speculative, Omnichannel and Kin believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. In the midst of this, the company itself has recorded significant growth of its own. His advice has been widely appreciated in the financial community, which resulted in multiple quotes and publications in various media. As a result, we are growing fast, generating attractive unit economics, and we believe we are well-positioned to significantly expand our market share moving forward., Todays announcement is a major milestone and validation of what we have built, as well as an important next step in our development, continued Harper. Get our latest stories curated just for you. Kin Insurance, a homeowners insurance startup, is in talks to raise around $75 million to $100 million after it pulled the plug on a deal to go public via SPAC merger, according to three sources with knowledge of the matter. Kin offers a D2C platform that helps homeowners purchase insurance within minutes, and offers a more convenient way to complete tasks like making changes to their insurance policies or filing a claim. opens in new window, Authority: 5 things you need to succeed in the modern world of finance & fintech Your email address will not be published. The SPAC cited unfavorable market conditions in its press release on the termination, but will turn back to the work of meeting with targets who can benefit from their team . opens in new window, Inside P&C: Kin proved its model works through its high customer retention: CEO Harper To learn more, visit https://www.kin.com. opens in new window, Washington Post: Eight tips for buying homeowners insurance By doing these small things, you could even influence the percentage of claims that may be settled in court. Call 636-462-2701 or email nicole@hscllc.us to discuss how we can help answer your senior health insurance questions or to set up an appointment. These factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement and the proposed Business Combination contemplated thereby; (2) the inability to complete the transactions contemplated by the transaction agreement due to the failure to obtain approval of the stockholders of Omnichannel or other conditions to closing in the transaction agreement; (3) the ability to meet the NYSEs listing standards following the consummation of the transactions contemplated by the transaction agreement; (4) the risk that the proposed transaction disrupts current plans and operations of Kin as a result of the announcement and consummation of the transactions described herein; (5) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) costs related to the proposed Business Combination; (7) changes in applicable laws or regulations; and (8) the possibility that Kin may be adversely affected by other economic, business, and/or competitive factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. opens in new window, Business Insider: Insurtech disruptors report opens in new window, Chicago Inno: Kin Insurance raises $82M after canceling SPAC deal With S&P 500 down 10% to start the year, Kin Insurance canceled its planned. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. opens in new window, Digital Insurance: The best 12 U.S. Insurtech employers, according to Forbes opens in new window, Forbes: How data allows you to create tailor-made customer experiences It is more than ripe for an innovative alternative and that is exactly why we created Kin to provide customers with a better home insurance offering, better pricing and an overall better experience, said Sean Harper, co-founder and CEO of Kin. The company crunches thousands of data points that it says allows for more accurate pricing and better underwriting results. The agreement values Kin Insurance at roughly $1.03 billion. Forbes: Which insurtech distribution model gets it right? Matt Higgins, Chairman and CEO of Omnichannel, who also co-teaches a course on digitally native brands at Harvard Business School., The Omni team is already hard at work helping elevate Kins brand presence, expanding Kins acquisition channels and layering in the most cutting-edge acquisition tactics.. Is going public through a reverse merger with Omnichannel Acquisition Corp., the company itself recorded... Underwriting results company itself has recorded significant growth of its own or ( 201 ) 689-8471 for international callers market... Public through a reverse merger with Omnichannel Acquisition Corp., the company is the pure-play. Of its own to guarantee your continued growth and success is valued at than! 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